DUBLIN, April 22, 2020 /PRNewswire/ -- The "Impact of COVID-19 on the Latin American Economy" report has been added to ResearchAndMarkets.com's offering.
COVID-19 epidemic is a human tragedy and is showing a huge impact on the global economy. The pandemic has majorly affected the US, China, and European countries; however, its impact can be seen in other parts of the world. Latin America is one such region that drives its economy from the trade of goods from these severely affected regions. Therefore, the outbreak has declined the economical growth of Latin American in the past few weeks.
Economic Commission for Latin America and the Caribbean (ECLAC) has stated that the COVID-19 pandemic will leave a devastating mark on the global economy, which could be more intense than the 2008-2009 global financial crisis. Latin America will not be spared since it will get affected by several channels, which includes the exports of agricultural products to China, the decline of tourism in Caribbean countries, and a drop in commodity prices. The governments of the respective countries are taking measures regarding the declining economy, involving lowering interest rates, increasing social spending, and suspending bank credit fees.
Latin America is expected to face a year followed with lower economic growth along with much weaker public finances, which in turn, will lead to the potential downfall of the region in sovereign ratings. Based on industry classification, the Latin American economy is classified into automobile, food & beverage, construction, oil & gas, aviation, retail, travel and tourism, and others. Latin America generates its economic growth from the oil, manufacturing, tourism, and agricultural industry.
The region has nearly 15% of oil resources of the world and exports its oil and related commodities to the US, China, and other countries. However, as per the International Monetary Fund (IMF), the global demand and supply for dry bulk shipping stocks such as commodities and building materials have relatively fallen in the past few weeks; impacting the construction and manufacturing sector. Similarly, Latin America exports oil and relative commodities to China. The decline in the economic activity in the US, China has led to a decrease in the prices for these commodities. Therefore, with the lower oil prices, there will be a slowdown of developments in Vaca Muerta and a delay in production. It will also increase the economic crisis in Venezuela, as the country has a lower down cost of oil in the recent period.
The key companies operating in Latin America and are getting affected by the COVID-19 pandemic include CEMEX, Ecopetrol SA, GOL Linhas Areas S.A., Intrepid Group, LATAM Airlines Group S.A., and Azul Linhas Areas Brasileiras S/A. For instance, the Colombia-based oil company, Ecopetrol SA has canceled its plan of investing $1.2 billion in 2020, in response to the current market condition. Studying these new market circumstances, the company is also planning to implement commercial strategies, to maximize the value of the crude oil and its related products sold by the Ecopetrol SA.
The report covers:
- Comprehensive research methodology of Latin American economy.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Analysis of regional regulations and other government policies impacting Latin American economy.
- Insights about market determinants which are stimulating Latin American economy.
- Detailed and extensive market segments with regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Key Topics Covered
1. Report Summary
1.1. Research Methods and Tools
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.3. Supply Chain Analysis
3. Industry Overview
3.1. Historical market growth estimation of Latin America economy excluding COVID-19 pandemic effect
3.2. Deviations in Latin America economy growth rate due to COVID-19 pandemic
4. Verticals Affected Most
4.2. Food & Beverage
4.4. Oil & Gas
4.7. Travel & Tourism
5. Company Profiles
5.1. Azul Linhas Areas Brasileiras S.A.
5.3. Ecopetrol S.A.
5.4. Ford Motor Co.
5.5. GOL Linhas Areas S.A.
5.6. Grupo Comercial Chedraui
5.7. Intrepid Group
5.8. LATAM Airlines Group S.A.
5.9. Marfrig Global Foods
5.10. Mercado Libre S.R.L.
For more information about this report visit https://www.researchandmarkets.com/r/jn3pxg
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SOURCE Research and Markets